RBI imposes Rs 2 crore fine on Kotak Mahindra Bank for withholding shareholder details
The bank is in the middle of a legal battle with the central bank, which last year ordered Uday Kotak, the billionaire head of Kotak Mahindra Bank, to lower his holdings in the private-sector lender.
Reuters New Delhi Last Updated: June 8, 2019 | 07:49 IST
The Reserve Bank of India (RBI) on Friday fined Kotak Mahindra Bank Ltd Rs 2 crore ($288,525) for not furnishing details about the shareholdings of its majority stakeholders and its plans for complying with stake dilution norms.
The RBI said it decided to impose a penalty after reviewing the bank's reply to a notice seeking an explanation about why it had not complied with regulatory norms.